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Sloane is a shareholder in a calendar-year S corporation. At the beginning of the year, her stock basis is $10,000, her share of AAA is $2,000, and her share of corporate AEP is $5,000. She receives a $6,000 distribution, and her share of S corporation items includes a $2,000 long-term capital gain and a $9,000 ordinary loss. Determine the effects of these events on AAA, stock basis, and AEP.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9443534

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